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Search Results 0 to 20 of about 21 (some duplicates have been removed)
Oct 29, 2012 4:30pm PDT
: last year's hurricane irene was the most recent storm to pummel the northeast. it cost the industry roughly $4.3 billion in insured losses. analysts can't yet predict how steep losses from sandy will be, but they say the companies with the most exposure include: liberty mutual, travelers, allstate, and chubb. auden thinks those firms will be able to shoulder a financial hit if the storm's damage mirrors that of irene. >> with every event companies gather more information on potential losses, so catastrophe losses become much more sophisticated. companies use those to measure aggregation of losses and potential losses from a given event. >> reporter: damage from wind, falling trees, and rain coming through roofs is covered by standard insurance policies. but analysts fear much of the damage from sandy to homes and businesses is likely to come from storm surge flooding which isn't. the insurance information institute estimates roughly 300,000 homes in the northeast could be vulnerable to this type of event. but the institute is optimistic many homeowners have flood insurance. >> nothi
Oct 31, 2012 4:30pm PDT
costs will surpass those from hurricanes irene and katrina. although there are countless businesses hurt, others could see a boost. erika miller reports. >> reporter: when you consider the massive amounts of flooding, downed trees, and damage to transportation networks, it could take days-- if not weeks, to tally up the financial costs from the storm. but already there are predictions sandy will be the most expensive clean-up in u.s. history. the most serious damage appears to be caused by flooding along the east coast. according to economic tracking firm i.h.s. global insight, property damage will likely surpass $20 billion. add to that as much as $30 billion in lost business, and the total financial toll could end up being close to $50 billion. hotels, stores, airlines, and restaurants have lost business they wot get back. insurance companies will have to make big payouts, which will likely mean higher insurance premiums for customers down the road. here in new york city, commerce has been crippled. and power is not expected to be restored in many areas until next week. i.h.s. global p
Oct 30, 2012 4:30pm PDT
, running between $10 billion and $20 billion, according to eqecat. hurricane irene did $10 billion damage 14 months ago. >> susie: wall street was closed again today for the second straight day because of hurricane sandy. this is the first two-day weather-lateshutdown since 1888. but the major exchanges are expected to reopen tomorrow. all systems are a go. the new york stock exchange said the opening bell will ring as usual at 9:30 a.m. eastern time. the nasdaq will also open for normal operations on wednesday. that's just what investors wanted to hear. both exchanges have been running tests today to make sure all systems were running smoothly. >> susie: the nyse's building is located on wall street, just blocks away from the section of lower manhattan that was deluged by hurricane sandy. but there was no flooding at the big board, and no other damage to the building, trading floor and trading systems. but while the nyse and nasdaq expect tomorrow to be business as usual, it won't be a typical day for people trying to get to work. many of new york's bridges and tunnels are stil closed nd
Oct 26, 2012 4:30pm PDT
hurricane irene in 2011. this year, you look at june 2012, you had the colorado wildfire. you had hurricane isaac which hit louisiana. what we're looking at with sandy is multiple states across some of the most heavily populated states on the east coast, and that's why this has caught everybody's attention for good reason. >> susie: what about businesses? to what extent are they covered through all of this, or is ther a deference being a homeowner-- we have heard companies have closed operations for the next few days. >> well business insurance policy coverage is comparable to a home insurance policy, they're going to cover you for wind damage. most business insurance policies have a provegz in them called bi, or business interruption coverage. so if their property is hit directly and it causes them to shut down for a period of time, oftentimes they can file a claim and be covered for the business they could have potentially had, had there not been a hurricane that hit teir property. >> susie: everybody is hoping the storm goes out to sea and doesn't do much damage. thanks a lot. mike berry
Search Results 0 to 20 of about 21 (some duplicates have been removed)